Trust

There are many different kinds of trusts with many different advantages. It's important that you study your situation carefully and consult your attorney to see what works best for you.

Some common trusts you may consider:

• Charitable Remainder Trust: Irrevocable trust that pays income to whomever you decide. The income can be for life, a series of lives, a specified number of years or a combination of these. At the end of the specified time, whatever assets remain in the trust are distributed to a charity or charities.
• Irrevocable Life Insurance Trust: May not be terminated or changed. Commonly used to minimize estate tax liability by transferring life insurance policies and by being the owner of any new life insurance purchased for estate liquidity purposes.
• Revocable, Living Trust: Established by you during your lifetime. Offers potentially lower probate costs and more privacy than the usual probate process. May be changed or terminated.
• Testamentary Trust: Established under the terms of a will for the benefit of one or more beneficiaries.